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Kreditvergabe und Innovationsaktivität in der Finanzkrise

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  • Stefan Kipar

Abstract

Using unique panel data on German manufacturing firms this paper shows the development of the bank's willingness to lend to businesses during the financial crisis and its effect on firm innovations. Due to differences in business practices commercial banks, credit unions and savings banks in Germany were affected differently by the financial crisis. Accordingly, firms were differently affected in their ability to obtain external debt during the crisis depending on which type of bank their main bank was. In a difference-in-differences-setting this paper uses this variation to estimate the effect of restrictive bank lending on firm innovation. Unter Verwendung eines einzigartigen Datensatzes zeigt dieser Beitrag die Entwicklung der Kreditvergabebereitschaft von Banken an Unternehmen des Verarbeitenden Gewerbes in Deutschland während der Finanzkrise und die Folgen für die Innovationsaktivität der Unternehmen. Im deutschen dreigliedrigen Bankensektor wurden Banken unterschiedlicher Art aufgrund ihrer verschiedenen Geschäftsmodelle höchst unterschiedlich von der Finanzkrise getroffen. Unternehmen erfuhren ebenfalls unterschiedliche Einschränkungen ihrer Kreditverfügbarkeit, abhängig davon, welcher Säule im Bankensystem ihre Hausbank angehörte. In einem Differenz-in-Differenzen-Schätzansatz kann dies genutzt werden, um den ursächlichen Effekt von restriktiver Kreditvergabe auf Innovationsaktivität zu identifizieren.

Suggested Citation

  • Stefan Kipar, 2011. "Kreditvergabe und Innovationsaktivität in der Finanzkrise," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 80(3), pages 111-130.
  • Handle: RePEc:diw:diwvjh:80-3-7
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    File URL: http://ejournals.duncker-humblot.de/doi/pdf/10.3790/vjh.80.3.111
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    References listed on IDEAS

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    3. Bronwyn H. Hall, 2010. "The Financing of Innovative Firms," Review of Economics and Institutions, Università di Perugia, vol. 1(1).
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    Cited by:

    1. Giebel, Marek & Kraft, Kornelius, 2015. "The impact of the financial crisis on investments in innovative firms," ZEW Discussion Papers 15-069, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    2. Alexander S. Kritikos & Anne Konrad, 2011. "Der Forschungsstandort Deutschland nach der Krise: Editorial," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 80(3), pages 5-12.

    More about this item

    Keywords

    Financial crisis; innovation; credit constraints; difference-in-differences;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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